Hydrogen Fuel Cell Vehicle Market (By Vehicle Type: Commercial Vehicle, Passenger Vehicles; By Technology: Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, Alkaline Fuel Cell, Solid Oxide Fuel Cell, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global hydrogen fuel cell vehicle market size was exhibited at USD 1.44 billion in 2022 and is projected to hit around USD 152.97 billion by 2032, growing at a CAGR of  59.5% during the forecast period 2023 to 2032.

Key Pointers:

• Based on the vehicle, the Hydrogen Fuel Cell Vehicle market is segmented into passenger vehicles and commercial vehicles.
• Based on Technology, the hydrogen fuel cell vehicle market is segmented into proton exchange membrane fuel cell, phosphoric acid fuel cells, and others.
• The supportive government initiatives for sedan HFCV in various countries are anticipated to drive the market growth during the forecast period.

Hydrogen Fuel Cell Vehicle Market Report Scope

The market for fuel cell vehicles is still in its early stages of growth and expansion. A few Toyota Motor Corporation, Honda Motor Corporation, and Hyundai Motor Group cars are currently in operation in certain locations, although many technologies are still in the experimental stage. European automakers like BMW AG and Audi are developing fuel-cell vehicles with a later launch date in mind based on earlier prototypes. Numerous more companies are following in the footsteps of BMW and Audi. Renault, for example, developed a hydrogen-powered SUV prototype. The Scenic Vision SUV's 16kW fuel cell extends the vehicle's operating range to 800 kilometers without recharging. The Scenic Vision SUV's 16kW fuel cell extends the vehicle's operating range to 800 kilometers without recharging. When compared to a normal electric vehicle model, the carbon footprint will be reduced by 75%, and the battery will be lightweight. The model from the French carmaker will not be available until 2030 or 2032. The company plans to launch its all-electric vehicle by 2024.

To boost economy, hydrogen fuel cell vehicles are being used in large commercial trucks. For example, Hyzon Motors Inc., a major global player in commercial vehicles powered by zero-emission hydrogen fuel cells, has created a hydrogen storage system technology that can lower commercial car production costs and weight. The new technology, which has yet to be patented, has the potential to cut the number of manufacturing components utilized by 75%, the weight of the system by 43%, and the cost of system storage by 52%. The system metal print is made of lightweight composite material and is built on a single rack system that can carry five hydrogen cylinders at once. These reasons have increased the size of the global hydrogen fuel cell car market.

Fuel cells use hydrogen and oxygen to generate energy via a chemical process. Hydrogen is a highly flammable gas because it aids in the combustion of other compounds at lower temperatures. Fuel can catch fire if handled incorrectly because hydrogen flames can burst and are unnoticed.

If an electrical spark comes into touch with the hydrogen, it ignites. Although there are various electronic and costly initial expenditures in infrastructure combustion, which minimizes the likelihood of a car catching fire. At hydrogen fueling stations, the risk of fire is also taken into account. Customers are hence hesitant to buy FCEVs. As a result, the highly flammable nature of hydrogen gas greatly limits the market for vehicle fuel cells.

Some of the prominent players in the Hydrogen Fuel Cell Vehicle Market include:

• Ballard Power System
•  ITM Power
•  Plug Power
•  Delphi Technologies
•  Doosan Corporation
•  Hydrogenics
•  Proton Power System PLC
•  Intelligent Energy Holdings plc
•  Panasonic Corporation
•  Pearl Hydrogen 
• Horizon Fuel Cell Technologies

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Hydrogen Fuel Cell Vehicle market.

By Vehicle Type

• Commercial Vehicle  
• Passenger Vehicles

By Technology 

• Proton Exchange Membrane Fuel Cell
• Phosphoric Acid Fuel Cells
• Alkaline Fuel Cell
• Solid Oxide Fuel Cell
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)